Articles by Yonhap
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Seoul shares down on disappointing 'value-up' program
South Korean stocks closed lower Monday as investors dumped local shares on the government's weaker-than-expected plans to boost corporate value. The Korean won edged down against the US dollar. The benchmark Korea Composite Stock Price Index fell 20.62 points, or 0.77 percent, to close at 2,647.08, ending a two-day winning streak. Trade volume was heavy at 519.6 million shares worth 10.8 trillion won ($8.1 billion), with decliners sharply beating gainers 657 to 231. Institutions and individuals
Market Feb. 26, 2024
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S. Korea to tighten export controls on Russia, Belarus
South Korea plans to tighten export controls on Russia and Belarus for items that can potentially be used for military purposes, the trade ministry said Monday. The announcement came after South Korea added 682 items with actual or potential military use to the list of items to be banned from shipping to Russia and Belarus last week. "The ministry will bolster the implementation of export controls under ties with related organizations, as there will be more attempts to dodge export controls
Foreign Affairs Feb. 26, 2024
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Seoul shares open lower on profit-taking
South Korean stocks started lower Monday as investors sought profits after a recent rally. The benchmark Korea Composite Stock Price Index retreated 15.89 points, or 0.6 percent, to 2,651.81 in the first 15 minutes of trading. The main index rose for two straight sessions at the end of last week on the back of Nvidia-led gains in semiconductor shares. Market heavyweights led the negative opening. Top-cap Samsung Electronics fell 0.27 percent, and leading oil refinery SK Innovation slid 1.62 perc
Market Feb. 26, 2024
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Trump could see trade deficit with S. Korea with 'concern' if reelected: US expert
Former President Donald Trump could view America's growing trade deficit with South Korea with "concern" if reelected, a prominent US expert has said, as his campaign proposal for new tariffs has raised worries among nations. Wendy Cutler, a vice president of the Asia Society Policy Institute and former negotiator of a South Korea-US free trade agreement, made the remarks during a press meeting, noting that Trump continues to place "such a big emphasis on trade deficits."
Foreign Affairs Feb. 26, 2024
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S. Korea to offer tax incentives to boost value of listed firms
The financial regulator said Monday that it will work to incentivize efforts by local businesses to enhance their own value that will in turn lead to increased returns to investors. The move comes as part of efforts to end the "Korea Discount," where local shares are traded at prices lower than their fundamentals. A seminar, attended by Kim Joo-hyun, the head of the Financial Services Commission, was held on the day to discuss how to encourage local firms to improve their value. "
Politics Feb. 26, 2024
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Hyundai, Kia's overseas car production tops 3.68m units in 2023: data
The combined overseas production of Hyundai Motor Co. and Kia Corp. surpassed 3.68 million units in 2023, setting the biggest offshore output since the outbreak of the COVID-19 pandemic, data showed Monday. According to data from the Korea Automobile Manufacturers Association, Hyundai Motor and Kia, South Korea's leading automakers, produced 3,678,831 finished vehicles at 13 overseas production bases last year. Hyundai produced 2,243,069 vehicles in eight countries -- the United States, Ind
Industry Feb. 26, 2024
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Concerns over public health deepen as mass walkout by trainee doctors enters 7th day
Concerns over public health deepened Monday as surgeries were delayed or reduced as thousands of trainee doctors didn't come to work for the seventh day in a row in protest of the government's plan to boost the number of medical students. About 8,000 trainee doctors have left worksites to protest against the plan to admit 2,000 more students to medical schools next year from the current 3,058 seats to address a shortage of doctors. Adding to the chaos at hospitals, fellow doctors, who have been
Social Affairs Feb. 26, 2024
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Hospitals experience disruptions on extended doctors' walkout
Major hospitals across the country continued to experience disruptions Saturday as thousands of trainee doctors remained off their jobs for the fifth consecutive day in protest against the government's plan to raise the medical school enrollment quota. Nearly 100 general hospitals have canceled or postponed nonessential procedures and turned away non-emergency patients, prioritizing service for severe emergency cases to minimize the growing strain on the medical system. As of Thursday night
Social Affairs Feb. 24, 2024
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Occult thriller 'Exhuma' reaches 1m ticket sales in record time
"Exhuma," a supernatural mystery thriller, surpassed 1 million in attendance Saturday, becoming the fastest film released this year to reach the milestone, the film's local distributor said. The thriller, also known as "Pamyo" in Korean, has set the record on the third day of its release, Showbox said. Starring Choi Min-sik, the film revolves around mysterious events affecting a geomancer, an undertaker and a young shaman duo after they exhume the grave of an ancestor fr
Film Feb. 24, 2024
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FM Cho meets with UNESCO chief in Brazil
Foreign Minister Cho Tae-yul has met with UNESCO's chief in Brazil to discuss ways to bolster cooperation in the ethics of artificial intelligence, as well as other issues, the foreign ministry said Saturday. The meeting with UNESCO Director-General Audrey Azoulay took place Thursday (local time) on the sidelines of the Group of 20 foreign ministers' meeting in Rio de Janeiro, Brazil, the ministry said. During the meeting, Cho said the two sides can expand cooperation as UNESCO has r
Foreign Affairs Feb. 24, 2024
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G7 leaders decry N. Korea's exports of ballistic missiles to Russia
The leaders of the Group of Seven leading democracies strongly condemned arms transactions between North Korea and Russia on Saturday, as they marked the second anniversary of Russia's invasion of Ukraine. The G7 leaders issued a joint statement, stressing that the transactions between Pyongyang and Moscow are in breach of UN Security Council resolutions. The G7 countries are the United States, Britain, Germany, France, Italy, Canada and Japan. "We strongly condemn North Korea's e
Foreign Affairs Feb. 24, 2024
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South Korean FM Cho voices concerns over North Korea-Russia military cooperation
South Korean Foreign Minister Cho Tae-yul expressed concerns Friday over growing military cooperation between North Korea and Russia, saying it could potentially help Pyongyang's ability to "threaten security on the Korean Peninsula and beyond." Cho made the remarks during a UN Security Council (UNSC) briefing on the Ukraine issue at UN headquarters in New York on the eve of the second anniversary of Russia's invasion of Ukraine. "If and when it turns out to be the cas
North Korea Feb. 24, 2024
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Yoon appoints new vice science ministers
President Yoon Suk Yeol on Friday appointed experienced bureaucrats as new vice science ministers, his office said. Lee Chang-yune, the secretary-general of the Presidential Advisory Council on Science & Technology, was appointed to replace Cho Seong-kyung as the first vice science minister in charge of science technology policies, the presidential office said. Kang Do-hyun, director of ICT policy at the science ministry, was appointed to replace Park Yun-kyu as the second vice science minis
Politics Feb. 23, 2024
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SK bioscience's typhoid conjugate vaccine wins WHO prequalification certification
SK bioscience, a pharmaceutical affiliate under South Korea's SK Group, said Friday its typhoid conjugate vaccine has obtained prequalification certification from the World Health Organization. The vaccine, named SKYTyphoid, was jointly developed by the South Korean company and the International Vaccine Institute, with financial support from the Bill & Melinda Gates Foundation, according to SK bioscience. SKYTyphoid is SK bioscience's fourth vaccine product to receive PQ certificat
Industry Feb. 23, 2024
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Seoul shares end higher for 2nd day on Nvidia earnings
South Korean stocks finished slightly higher Friday as foreign investors bet on local tech shares following AI chip giant Nvidia's strong earnings results. The Korean won lost against the US dollar. The benchmark Korea Composite Stock Price Index gained 3.43 points, or 0.13 percent, to close at 2,667.7, extending its winning streak to two straight sessions. Trade volume was moderate at 409.4 million shares worth 10.1 trillion won ($7.59 billion), with decliners beating gainers 514 to 341. F
Market Feb. 23, 2024
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